CXMT has shown a strong and steady rebound recently, climbing steadily from the 7.14 low and currently consolidating around the 7.9 range. Looking at the storage sector, US stocks like Micron and Western Digital are steadily recovering. The market is trading on a storage cycle recovery, coupled with AI-driven storage demand. Overseas price hike expectations are heating up, with sentiment gradually spilling over to domestic storage stocks. Compared to the explosive rallies in overseas storage stocks, CXMT's movement has been more restrained. Domestic DRAM substitution remains a long-term support, but market sentiment is cautious, avoiding overpricing expectations. There’s clear resistance near the 8.1 level. A breakout with volume is needed to open up more upside potential. If it faces pressure, it’s likely to continue the range-bound consolidation.